283:, taking its 30% interest in the Donlin property. Several months prior Galore Creek's neighbouring owner, Pioneer Metals had filed a lawsuit against NOVAGOLD for a breach of contract and NOVAGOLD responded by seeking to acquire the company. At the same time as that Barrick made its offer to NOVAGOLD shareholders, it also made an offer that trumped NOVAGOLD's offer for Pioneer Metals. NOVAGOLD management and largest shareholders, which at the time was
27:
309:'s Electrum Strategic Resources LLC. With this they were able to settle a class-action lawsuit by shareholder over misleading statement regarding the potential of a Galore Creek mine and buy out its partner, Copper Canyon Resources, on the adjacent property to Galore Creek. Meanwhile, they disposed of other assets to re-focused solely on advancing the development of the Galore Creek and Donlin properties. This included
351:. At the time, it had potential reserves of 5 million ounces of gold, 67 million ounces of silver, and 6 billion pounds of copper. Further exploration and feasibility work revised that upwards to 13 million ounces of gold, 156 million ounces of silver and 12 billion pounds of copper, and estimated a cost of US$ 1 billion to develop a mine. Located with the Stikine Gold Belt, approximately 150 kilometres northeast of
229:. It was a small, low-grade mine that began to commercially produced gold and silver in 1989 and despite investment of advanced technology to expand its mine life, closed to 1992 still owing debt to the National Bank of Canada who financed its construction. Seeking to expand, NOVAGOLD sought to take over, but only acquired (71%) controlling interest, in Etruscan Enterprises Ltd. for its properties in the
339:
estimate of $ 6.7 billion, and a lack of commitment by
Barrick at that price, permitting has been pursued since then. The substantial costs of bringing power to the remote site, and other development expenses, gave Barrick reason to rethink its investment in the project. In August 2018, the project received permits from the Army Corps of Engineers, after an environmental review.
355:, the project would require over a 100 kilometres of new road, power lines, and natural gas pipeline through mountainous terrain. Though cost projections were revised upwards, the development of the mine appeared to be feasible going into 2007, as NOVAGOLD was acquiring permits to mine, formed the 50/50 joint venture Galore Creek Mining Corporation with
313:
its copper assets to a new company called NovaCopper (later renamed
Trilogy Metals) under Rick Van Nieuwenhuyse, with Greg Lang becoming the new CEO of NOVAGOLD, and selling the aborted Rock Creek mine. NOVAGOLD also sought buyers, beginning in 2012, for its stake in Galore Creek but it was not until
292:
announced a 50-50 joint venture partnership to develop the Galore Creek mine and its shares peaked at $ 20. However, their stock price would collapse by the end of the year as an updated cost analysis revised the mine cost up to $ 5 billion and Teck withdrew support for proceeding at that price. A
287:
and Sprott Assets, resisted the takeover believing the shares to be under-priced. Barrick responded by lowering its ambition to just acquiring controlling interest (requiring only 50% of shares) as NOVAGOLD launched two lawsuits attempting to put off
Barrick. Barrick successfully acquired Pioneer
338:
on the
Kuskokwim River, the Donlin Gold property is within the Kuskokwim Gold Belt and has estimated reserves of 39 million ounces of gold. As per the Feasibility Study, Donlin Gold has the potential to produce more than 1M ounces of gold annually over a 27-year mine life. Despite a 2012 cost
267:'s Galore Creek property in northwest British Columbia for US$ 20 million on condition of a pre-feasibility study (that evaluates mining options) was completed. SpectrumGold also acquired an 80% interest in the adjacent Copper Canyon property from Eagle Plains Resources.
188:, in 1984, to pursue exploration and development of mining properties. While the company bought and sold numerous exploration rights across North America, they have principally focused on four properties. They developed and operated the
363:
requirements and updated material costs, and the project was halted. Despite efforts to re-design or move the tailings pond the project remained uneconomic, and NOVAGOLD sold its stake in 2018 to
Newmont Mining for US$ 275 million.
359:, and made the investment decision to proceed with construction of the mine. However, by the end of 2007, after Teck's review the cost estimate was revised to $ 5 billion, mainly on an unexpectedly complex water diversion and
270:
With the Galore Creek and Donlin properties emerging as potentially developable mines, the stock price of NOVAGOLD had risen from $ 0.20 a share in 2000 to $ 10 in 2005. Share prices would spike to nearly $ 18 in July 2006 as
192:
in Nova Scotia from 1989 to 1992 and developed the Rock Creek Mine in Alaska but defaulted on financial obligations forcing it to close shortly after opening in 2008. They conducted exploration and development work on the
297:
but it was forced to shut down shortly after beginning production as it defaulted on a loan and failed to fulfill environmental obligations. NOVAGOLD stock would bottom out under a dollar in late-2008, during the
288:
Metals and increased its offer to NOVAGOLD shareholders by 10%. By
December Barrick was only able to acquire 14.8% of shares. A few months later, in 2007 as Barrick sold off its shares, NOVAGOLD and
1141:
1151:
197:
in
British Columbia between 2003 and 2018 but sold its interests. The development of the Donlin Gold mine has been pursued since the formation of a joint venture with
259:. NOVAGOLD acquired SpectrumGold Inc. which had control of several mining prospects in Yukon. Before they were amalgamated, NOVAGOLD used SpectrumGold to purchase
233:. After Rick Van Nieuwenhuyse took over as president, and later as CEO, the company purchased the Alaska Gold Co. in 1998 for its Rock Creek property in Alaska.
293:
similar independent cost estimate moved Donlin project from US$ 2.5 to US$ 5 billion. Meanwhile, NOVAGOLD had developed the small Rock Creek gold mine near
1016:
1136:
1146:
856:
Delaney, Rob (January 3, 2009). "NovaGold gets US$ 60M in share sale to
Electrum; Sells equity to private investor to help repay loan".
1091:
225:
and they were able to buy and sell numerous mineral exploration properties. They were able to successfully acquire and develop the
1042:
299:
1028:
247:
with the creation of a new subsidiary company called NovaXchange. However, by 2002, with all its mineral assets located in
334:
acquired the other 30% and in 2007 created a joint venture with NOVAGOLD to develop the mine. Located 20 kilometers from
1017:
http://www.nasdaq.com/article/update-novagold-resources-shares-tumble-on-doubts-over-donlin-creek-gold-project-cm158997
873:
Middlemiss, Jim (February 17, 2010). "NovaGold settlement set at $ 28M; Sutts, Strosberg deal awaits OK from judges".
95:
1029:"Barrick's Donlin move cuts Novagold stock off at the knees. Novagold says it's 'encouraged', Paulson not so much"
822:
Mazurkewich, Karen (May 14, 2009). "NovaGold, Alaska unit to pay state US$ 900,000 to settle pollution charges".
549:
352:
260:
218:
116:
318:, leaving Donlin as its sole mining asset. Since then the company pursued project planning and permitting.
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210:
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237:
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Brieger, Peter; Adams, Scott (April 4, 2001). "Xerox loses 18% on news results will be delayed".
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684:
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279:. At the time, Barrick was the world's largest gold mining company and had previously acquired
892:
841:
565:
544:
348:
326:
NOVAGOLD acquired interest in the Donlin Gold property in 2001 when it paid US$ 12-million to
226:
222:
194:
189:
773:
Bailey, Stewart (June 13, 2008). "Donlin Mine Cost May Surge To US$ 5B; Citigroup
Estimate".
648:
Stueck, Wendy (August 15, 2006). "NovaGold digs in its heels to thwart hostile
Barrick bid".
926:
284:
173:
1000:
Mcgee, Niall (August 15, 2018). "Barrick, Novagold mine receives environmental permits".
213:. The company was renamed to NOVAGOLD Resources Inc. in 1987, as it became listed on the
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Won, Shirley (July 25, 2006). "Barrick launches hostile takeover bid for NovaGold".
421:
400:
331:
294:
272:
198:
1043:"Barrick and NovaGold's Donlin project gets record of decision, federal permits"
614:
Won, Shirley (July 26, 2006). "Resistance mounting against Barrick's takeover".
327:
280:
958:
Hoffman, Andy (November 9, 2007). "Barrick, NovaGold agree to a Donlin truce".
255:, the company had re-located again to Vancouver. In 2003 it was listed on the
244:
133:
839:
Mazurkewich, Karen (November 25, 2008). "NovaGold plummets on mine closure".
405:
682:
Hoffman, Andy (October 25, 2006). "NovaGold shareholder resists new bid".
631:
Won, Shirley (August 5, 2006). "Barrick settles for control of NovaGold".
907:
Bouw, Brenda (November 17, 2011). "Revamp stirs NovaGold takeover talk".
360:
276:
736:
Stueck, Wendy (May 24, 2007). "Teck, NovaGold to build huge B.C. mine".
248:
65:
176:
in Alaska. Headquartered in Vancouver, the company is listed on the
56:
756:
Hoffman, Andy (November 27, 2007). "Halted mine hammers NovaGold".
580:"The best and worst stocks of the decade: No reward without risk".
252:
807:
Keen, Kip (December 2008). "NovaGold shutters Rock Creek mine".
305:
NOVAGOLD rebuilt by selling a one-third stake in the company to
172:
is a Canadian company that is pursuing the development of the
419:"NovaGold sees breakthrough in base metal recovery process".
1120:
156:
976:"Donlin Gold: mineral reserves & mineral resources"
1092:"Newmont Mining buys stake in Canadian gold project"
151:
132:
106:
90:
82:
74:
41:
33:
1074:"NovaGold board approves B.C. mine construction".
716:"Barrick Gold considers selling NovaGold shares".
347:In 2003, NOVAGOLD first attained interest in the
209:NovaCan Mining Resources was founded in 1984 in
790:"Production starts at NovaGold's Alaska mine".
1142:Companies listed on the Toronto Stock Exchange
314:2018 that it was able to complete a deal with
221:. The company raised additional funds through
508:"NovaGold pays $ 8-million for Alaska Gold".
8:
19:
436:"NovaGold tackles debt by issuing shares".
1152:Gold mining companies of the United States
18:
751:
749:
731:
729:
699:"Barrick falls short in NovaGold bid".
474:"INVESTMENT NEWS: Novagold Resources".
457:"INVESTMENT NEWS: Novagold Resources".
381:"INVESTMENT NEWS: Novagold Resources".
373:
236:NOVAGOLD re-located from Dartmouth to
1063:. NOVAGOLD. May 11, 2006. p. 11.
240:in 2000 as it pursued an interest in
122:Rick Van Nieuwenhuyse (CEO 1999-2012)
7:
141:NOVAGOLD Resources (Bermuda) Limited
525:"NovaGold proceeds on Rock Creek".
924:"NovaGold sells Alaska property".
671:. September 13, 2006. p. FP6.
14:
1137:Companies listed on NYSE American
796:. September 20, 2008. p. B9.
586:. December 29, 2005. p. FP8.
408:. September 29, 1989. p. 49.
705:. December 8, 2006. p. B12.
514:. December 18, 1998. p. C2.
25:
1147:Gold mining companies of Canada
890:"NovaGold gets Copper Canyon".
497:. January 24, 1998. p. B5.
542:"NovaGold pulling up stakes".
1:
569:. March 30, 2007. p. H6.
531:. March 15, 2000. p. B7.
446:. August 3, 1996. p. 15.
387:. April 10, 1987. p. B8.
184:. The company was founded in
930:. June 12, 2012. p. E2.
896:. March 8, 2011. p. C1.
722:. April 6, 2007. p. B9.
665:"Barrick wins Pioneer bid".
480:. June 9, 1990. p. B13.
125:Greg Lang (CEO 2012-current)
1080:. June 6, 2007. p. B9.
1061:NOVAGOLD Annual Report 2005
463:. May 8, 1990. p. B15.
425:. June 6, 1991. p. C8.
275:launched US$ 1.54-billion
96:Vancouver, British Columbia
1168:
550:Saint John, New Brunswick
353:Stewart, British Columbia
24:
1123:Official company website
1121:http://www.novagold.com/
563:"Novagold buys claims".
300:global financial crisis
257:American Stock Exchange
219:initial public offering
16:Canadian mining company
215:Toronto Stock Exchange
211:Dartmouth, Nova Scotia
186:Dartmouth, Nova Scotia
182:Toronto Stock Exchange
349:Galore Creek property
336:Crooked Creek, Alaska
238:Los Gatos, California
231:Northwest Territories
217:with a $ 2.5 million
144:Donlin Gold LLC (50%)
444:Halifax, Nova Scotia
439:The Chronicle Herald
242:business to business
398:"Gold mine opens".
316:Newmont Corporation
78:Mineral exploration
21:
1096:The Globe and Mail
1077:The Globe and Mail
1003:The Globe and Mail
961:The Globe and Mail
910:The Globe and Mail
809:The Northern Miner
793:The Globe and Mail
759:The Globe and Mail
739:The Globe and Mail
719:The Globe and Mail
702:The Globe and Mail
685:The Globe and Mail
651:The Globe and Mail
634:The Globe and Mail
617:The Globe and Mail
600:The Globe and Mail
528:The Globe and Mail
494:The Globe and Mail
477:The Globe and Mail
460:The Globe and Mail
384:The Globe and Mail
223:private placements
115:Gerald McConnell (
893:The Vancouver Sun
842:The Vancouver Sun
566:The Vancouver Sun
545:Telegraph-Journal
330:for a 70% share.
227:Murray Brook Mine
205:Corporate history
195:Galore Creek mine
190:Murray Brook Mine
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552:. April 5, 2000.
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285:Neuberger Berman
277:hostile takeover
174:Donlin Gold mine
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86:December 5, 1984
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1098:. July 26, 2018
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1031:. 26 July 2012.
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879:. p. FP14.
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491:"On the move".
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811:. p. 1.
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343:Galore Creek
332:Barrick Gold
325:
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295:Nome, Alaska
273:Barrick Gold
269:
235:
208:
199:Barrick Gold
169:
168:
134:Subsidiaries
91:Headquarters
34:Company type
328:Placer Dome
322:Donlin Gold
281:Placer Dome
1131:Categories
1102:August 17,
981:. NOVAGOLD
368:References
245:e-commerce
119:1984-1999)
108:Key people
985:April 10,
406:Vancouver
201:in 2012.
159:.novagold
44:Traded as
261:RioTinto
180:and the
170:NOVAGOLD
75:Industry
20:NOVAGOLD
152:Website
83:Founded
64::
55::
249:Alaska
101:Canada
37:Public
979:(PDF)
253:Yukon
1104:2018
987:2020
263:and
251:and
161:.com
62:AMEX
157:www
117:CEO
53:TSX
1133::
1094:.
1045:.
748:^
728:^
548:.
442:.
404:.
302:.
99:,
66:NG
57:NG
1106:.
989:.
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